https://www.taxtmi.com/caselaws?id=758995 Delhi HC quashed proceedings against a non-executive director under Section 138 NI Act. Court held that for vicarious liability under Section 141, specific averments must show how the director was responsible for company's business conduct. The complaint lacked allegations regarding the petitioner's involvement in the loan transaction or any dealings with the complainant. Without specific averments against a non-executive director showing their role in the disputed transaction, the complaint cannot proceed. Case distinguished from previous decisions involving regular directors. en-us Tue, 10 Sep 2024 00:00:00 +0530 Sat, 21 Sep 2024 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758995 Delhi HC quashed proceedings against a non-executive director under Section 138 NI Act. Court held that for vicarious liability under Section 141, specific averments must show how the director was responsible for company's business conduct. The complaint lacked allegations regarding the petitioner's involvement in the loan transaction or any dealings with the complainant. Without specific averments against a non-executive director showing their role in the disputed transaction, the complaint cannot proceed. Case distinguished from previous decisions involving regular directors. Case-Laws Indian Laws Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758995